You have decided to start a business. Assessing risk, allocating capital, defining your organization strategy and combatting competition are all major considerations. But, like any enterprise, first impressions are the most important. It starts with a name.

Couples spend months or even years debating the names of their children, and your business deserves equal thought. Your name is your brand. And as such, it should portray quality, reliability and confidence. It should both differentiate your business and promote good will. The health of your business depends on it. In a world of commoditized services and goods, a questionable name may lead to a negative public perception, which can impact bottom line performance.

Suppose you have trucks and signage to support your product distribution. Each message is a potential advertisement to the public and ultimately a powerful outreach opportunity to your customer. You should not let any chance to brand quality be underutilized.

Case Study

Presented for discussion is a very valuable and curious branding case known as Sal Mennella's Poultry from the 90s. Yes, that name wasn't a typo. Attractive trucks affixed with a professionally decaled chicken outline traveled about the boroughs of New York boasting of quality. There was clearly pride in the business but the name seemed fundamentally opposite to the representation of quality for poultry, specifically a bacterial infection we all know as Salmonella.

Does the suggestion of bacteria that makes people sick garner confidence here? Perhaps just calling the business Sal's Poultry would have been both a valuable and personalized brand associated with a family business.

Let's look at some branding examples that drive home the point immediately. Insurance companies, for one, intend to exude confidence and financial strength. They are there for the long term and have the ability to pay claims when you need them. Nationwide and Prudential are leading companies that brand confidence just from their names.

Of course not everyone is starting a national brand at this time, but one day your enterprise may become one. It is important to always think big! For small businesses, personalization is helpful in branding your venture along with immediately identifying the type of product or service that you are providing. For example, David's Cookies, the king of the Chocolate Chunk cookie, started out with one location in NYC and then grew to more than 225 on a worldwide basis. An amazing feat given the competition in the baking field, but the name both distinguished the product and provided a competitive edge.

So what happened to Sal Mennella's Poultry? A Google search didn't provide an exact match but it offered a result for "Mennella's Poultry" in New Jersey that was established in 1944. Maybe the CEO got the hint and changed the name.

Want more? Here are some great tips on how to name your business.

PayPath
Follow Us on

Airbnb is a great option while traveling, but you should protect yourself from damage charges from unscrupulous hosts.

Airbnb offers an affordable option for people looking to be more comfortable as they travel.

However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.

And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.

Keep reading Show less

What Are NFTs?

Art Installation N°1 by Carlos Marcial. Rhett Dashwood / YouTube

If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.

Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."

The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?

Keep reading Show less

Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.

The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.

Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.

Stick To a Specific Strategy or Niche

Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.

First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.

Be Vigilant About Viable Financing Options

While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.

Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.

Master the Art of Finding Good Deals

There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.